One Medical is the first digital health firm to hit the public market in 2020 - Business Insider

One Medical is operating in the entrenched, US primary care market — and an IPO could give it the visibility it needs to steal over a swarm of new customers:

One Medical needs to poach consumers from traditional primary care physicians with established customer bases — and its tech-focused approach seems to be an attractive enough value prop. Since launching in 2007, One Medical has erected 77 medical offices across nine states and serves 397,000 members — a 324% increase from its member base in 2014 — per Modern Healthcare.

While an IPO would help boost One Medical's visibility to consumers, we think its growth could hinge on its relationships with employers — especially as the threat of a potential recession Over one-third of One Medical's revenue comes from its tie-ups with three companies — signaling that pursuing more partnerships with employers could prove lucrative.

And just three enterprise partners bring in 36% of its revenue — one of which is Google, which sponsors One Medical memberships for a segment of its employees, per CNBC. And snapping up employer contracts will likely continue to be a bright spot for One Medical since so many large, deep-pocketed companies — like

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